Without an extension, the tax credit for first-time homebuyers in the American Recovery and Reinvestment Act of 2009 will expire Dec. 1.

The National Association of Home Builders and the Rhode Island Association of Realtors are among those lobbying for an extension. Opponents argue that the current program, expected to cost the federal government about $6.6 billion, hasn’t solved the real estate market’s biggest problem – foreclosures.

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